FSA-02
describe general principles of revenue recognition and accrual accounting, specific revenue recognition applications (including accounting for long-term contracts, installment sales, barter transactions, gross and net reporting of revenue), and implications of revenue recognition principles for financial analysis
calculate revenue given information that might influence the choice of revenue recognition method
　　
        (Specificrevenue recognition)
　　Long-term contracts
　　Percentage-of-Completion Method（POC， US GAAP &IFRS都可以用這個(gè)方法）
　　定義：revenue andassociated cost and profit are recognized as the work is performed，因此每年都要reported profit.
　　適用于the project's cost and revenue can be reliably estimated
　　POC較為激進(jìn)，依賴于管理層的估計(jì)，但是better matching of revenue recognition,利潤(rùn)表在最后階段不至于波動(dòng)太劇烈
　　步驟：先確認(rèn)當(dāng)期COGS, 再確認(rèn)工程進(jìn)度，最后確認(rèn)Revenue
　　Complete Contract Method （CC，只有US GAAP可以用這個(gè)方法）
　　定義：一開(kāi)始不確認(rèn)any income，直到合同結(jié)束才確認(rèn)profit.
　　適用于the project's cost and revenue can NOT be reliably estimated . (Revenue=COGS=0）
　　CC較為保守，較為客觀，無(wú)需任何估計(jì), 但NI的波動(dòng)劇烈。
　　IFRS：對(duì)于long-term contract, the project's cost and revenue can NOT be reliably estimated。
　　定義：一開(kāi)始確認(rèn)revenue= COGS≠0。直到合同結(jié)束確認(rèn)project.(即revenue≠COGS)
　　Installment sales 賒銷(xiāo)
　　產(chǎn)品賣(mài)出之后，買(mǎi)家分期付款。Revenue and associated cost of goods sold are recognized only when cash is received.
　　Installment method
　　適用于collectibility can not be reasonably estimated.
　　Profit=cash collected during the period*(total expected profit/sales)
　　Cost recovery method
　　適用于collectibility ishighly uncertain.
　　定義：Profit is recognized only when cash collected exceeds costs incurred.

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